BTC is currently trading around $70,000 and ETH around $3,500. Notable gainers in the last 24 hours are TAO, NEO, and VET. The global crypto market cap is $2.73T, up 3.0% over the last day. DeFi Total Value Locked is ~$95b and BTC dominance is around 55%.
Yesterday’s FOMC minutes stated that officials expressed concern that inflation wasn’t moving lower quickly enough, but still expected to cut rates at some point this year. And while this morning’s US wholesale price index rose less than expected, two consecutive hot CPI reports have caused markets to push out Fed rate cut expectations from June to September. Lastly in Europe, the ECB held interest rates steady for a fifth straight meeting today, but said in its statement that if it gains increased confidence that inflation is sustainably converging to target, then it would be appropriate to ease monetary policy. Market participants currently peg June as the month when the ECB may begin to cut rates.
Notable news includes: Uniswap Labs disclosed that it received a Wells Notice from the SEC signifying that the regulator is contemplating suing the decentralized exchange; Venezuelan prosecutors arrested former Vice President El Aissami for an alleged crypto-related embezzlement; bankrupt crypto firms FTX Trading and Voyager Digital agreed to settle loan disputes; Grayscale’s GBTC saw record low outflows yesterday of just $18m; OKcoin Europe rebranded to OKX to unify its brand worldwide amidst a deeper push into Europe; Bitcoin mining difficulty hit an all-time high in the final pre-halving adjustment; layer 1 blockchain NEAR revealed plans to hire AI engineers to build user-owned AI; distributed cloud GPU network Aethir and hybrid cloud platform Theta EdgeCloud announced a partnership to create a hybrid GPU marketplace for AI and DePIN; and, Sui creator Mysten Labs and Playtron announced plans to develop a handheld gaming device.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
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